Research: 50% of financial professionals think they will accept bitcoin within five years

Business IT service provider Visma | Onguard researched payment behavior in the Netherlands and interviewed 300 professionals from the financial sector. They published the results in the report ‘Paying and being paid in B2B: this is how we do it in 2022’.

The results show that about a quarter of those surveyed are positive about the use of Bitcoin in business services. However, a slightly larger part of 28% is negative.

Despite this, 72% of those surveyed said they see benefits in using bitcoin for payments.

Advantages

Of these benefits, programmability scores the highest: one-fifth of those surveyed see benefits for accounting or security. About 18% of respondents cite cost savings as an advantage because there are no intermediaries involved with Bitcoin.

Other frequently mentioned advantages are the simplification of international payments (17%), the speed with which transactions can be made (16%) and the simplification of the payment process (14%).

In addition, one in ten said bitcoin’s scarcity and immutable monetary policy were an advantage. The report refers to the role of bitcoin as a hedge hedge . Hedging means that you cover a financial risk by means of another investment. against inflation .

To assure

However, about 93% of those surveyed also indicate concerns. The volatility of the price is mentioned most often (28%), but many respondents also think that there is insufficient supervision of the market (27%). In addition, there are many concerns about the amount of ‘cowboys’ on the market (23%).

About 19% is concerned about a lack of knowledge with regard to security, 14% mentions susceptibility to fraud and 13% objects to the image of cryptocurrencies.

Present and future

Bitcoin is currently hardly accepted as a means of payment. Only five percent of organizations indicated that they accept cryptocurrencies as a means of payment.

However, many organizations are planning to. Ten percent of organizations say they are exploring the possibilities now and a third expect to accept payments with cryptocurrencies within the next five years. A small part (7%) does not want to consider it for another six years. However, there is also a significant portion (44%) that has no plans to accept cryptocurrencies.

Remarkably, no less than 42% of those surveyed expect that it will be common practice for companies to hold bitcoin on their balance sheet in five years’ time. The rest of the respondents, however, do not feel that way at the moment.

Also check out our other articles about relevant studies!

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